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Possible Bullish Inside Day Candle Pattern Detected for QUALCOMM (NASDAQ:QCOM)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in QUALCOMM (NASDAQ:QCOM) based on the price action in the company's shares. Yesterday's price range of $57.59 and $58.07 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of QUALCOMM may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

QUALCOMM Incorporated develops and delivers digital wireless communications products andservices based on the Company's CDMA digital technology. The Company's businessareas include integrated CDMA chipsets and systems software, t echnology licensing, Eudora email software for Windows and Macintosh platforms, and satellite based systems including Omnitracs and Globalstar systems.

In the past 52 weeks, shares of QUALCOMM have traded between a low of $42.24 and a high of $78.53 and closed yesterday at $57.81, which is 37% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has remained constant.

QUALCOMM (NASDAQ:QCOM) has potential upside of 15.0% based on a current price of $57.81 and analysts' consensus price target of $66.48. The stock should discover initial support at its 200-day moving average (MA) of $52.93 and subsequent support at its 50-day MA of $51.53.

SmarTrend is monitoring the recent change of momentum in QUALCOMM. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of QUALCOMM in search of a potential trend change.

Keywords: bullish am inside day candle Qualcomm

Ticker(s): QCOM